Healthcare Fitness and Wellness Center Operators sector
Strategic acquirers, private equity (buyout funds and growth funds) firms, and valuation benchmarks for Healthcare Fitness and Wellness Center Operators
1.1 - About Healthcare Fitness and Wellness Center Operators sector
Companies in the Healthcare Fitness and Wellness Center Operators category run multi-site gyms, boutique studios, and integrated wellness centers delivering membership-based fitness, coaching, and recovery services. They combine in-person programs with digital engagement to improve health outcomes, grow recurring revenue, and strengthen brand presence. Strategic buyers here scale via franchising, tuck-in acquisitions, and partnerships with employers, payers, and healthcare networks.
These operators deliver structured group fitness programming and personal training, evidence-based wellness coaching and nutrition counseling, plus on-site rehabilitation and recovery services such as physiotherapy, massage, and cryotherapy. They enable omnichannel access through mobile apps, virtual classes, and wearable integration, while deploying membership management, CRM, scheduling, and analytics to support member acquisition, retention, ancillary revenue growth, and operational efficiency across multi-site portfolios.
They primarily serve individual consumers seeking fitness and wellness improvement, employers purchasing corporate wellness programs, and payers or provider networks pursuing preventive care engagement. Outcomes include increases in activity adherence, reduced health risks and claims, higher employee engagement and productivity, and improved access to community-based services, alongside stronger member retention and lifetime value for organizations that sponsor programs.
2. Buyers in the Healthcare Fitness and Wellness Center Operators sector
2.1 Top strategic acquirers of Healthcare Fitness and Wellness Center Operators companies
Upstream Care
HQ: United States
Website
- Description: Provider of healthcare programs that embed in-practice support teams within primary care clinics to reduce hospital admissions and boost patient satisfaction for physicians and their patients.
- Key Products:
- In-Practice Support Program: Deploys clinical teams inside primary care practices to assist physicians, lowering hospital admissions and enhancing patient satisfaction outcomes
- Value-Based Care Technology Platform: Supplies technology infrastructure that enables provider organizations to run value-based care models and manage performance metrics
- Care Coordination Services: Delivers coordinated care management for ACO patients, ensuring seamless transitions and adherence to treatment plans
- Clinical Pharmacy Services: Provides embedded pharmacists who optimize medication therapy, improving safety and outcomes for senior and chronically ill patients.
- Company type: Private company
- Employees: ●●●●●
- Total funding raised: $●●●m
- Backers: ●●●●●●●●●●
- Acquisitions: ●●
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2.2 - Strategic buyer groups for Healthcare Fitness and Wellness Center Operators sector
M&A buyer group 1: Fitness and Wellness Chains
14 companies
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Description: Companies in Healthcare Multi-Location Fitness Chains operate branded networks of gyms, boutique studios, and wellness centers delivering membership-based fitness, recovery, and preventive health services at scale. They create standardized experiences across locations, combine in-club services with digital coaching, and leverage data to drive engagement. The value proposition is accessible, consistent wellness programs, nationwide coverage, and integrated offerings that improve health outcomes while optimizing customer acquisition and retention.
Bay Clubs
HQ: United States
- Type: N/A
- Employees: ●●●●●
- Description: Provider of sports, outdoor recreation and active-lifestyle experiences through resort-inspired campuses across the U.S. West Coast, offering innovative fitness programs, year-round tennis, pickleball, golf, swimming and squash, family services such as Kids Camp, hospitality amenities, and a Shared Membership model that lets members add up to seven others under one plan.
- Key Products:
- Shared Membership: Membership model that allows a primary member to include up to seven additional people—family, friends or neighbors—under one plan, providing flexible group access to all club amenities and reducing per-person cost
- Resort-Inspired Campuses: Large multi-facility properties across the West Coast bundling fitness centers, sports courts, golf courses, pools, cafés and recovery zones to deliver a comprehensive, hotel-style recreational environment
- Fitness & Sports Programs: Year-round classes and activities in tennis, pickleball, golf, swimming, squash and innovative fitness training that promote health, skill development and social engagement for members of all levels
- Kids Camp & Family Offerings: Structured camps and family-focused programs that engage children in sports and recreation while providing parents with supervised activities and community-building opportunities.
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3. Investors and private equity firms in Healthcare Fitness and Wellness Center Operators sector
3.1 - Buyout funds in the Healthcare Fitness and Wellness Center Operators sector
2.2 - Strategic buyer groups for Healthcare Fitness and Wellness Center Operators sector
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4 - Top valuation comps for Healthcare Fitness and Wellness Center Operators companies
4.2 - Public trading comparable groups for Healthcare Fitness and Wellness Center Operators sector
Valuation benchmark group 1: Health Club and Spa Operators
3 companies
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Description: Companies in this trading comparables group operate large-scale health clubs and wellness centers offering tiered memberships and spa services across standardized networks. Revenue is primarily recurring through memberships, supplemented by à la carte treatments and ancillary retail. Models include company-owned and franchised locations with consistent branding and unit economics. They are comparable as asset-light operators with multi-site footprints, predictable subscription revenue, and location-level performance metrics relevant for valuation benchmarks.
Planet Fitness
- Enterprise value: $●●●m
- Market Cap: $●●●m
- EV/Revenue: ●.●x
- EV/EBITDA: ●●.●x
- Description: Provider of fitness centers and gym services, offering a welcoming, non-intimidating environment with a variety of cardio and strength equipment, fitness training programs, and membership options including the PF Black Card with additional benefits. The company focuses on providing affordable gym memberships to a broad range of fitness levels and preferences.
- Key Products:
- Gym Memberships: Offers Classic and Black Card memberships with access to gym facilities and additional perks
- Fitness Training: Provides free fitness training programs to members
- Massage Chairs: Available for Black Card members with unlimited use
- Cooler Drinks: Half-price cool drinks for Black Card members
- Merchandise: Offers branded gym apparel and accessories via an online store.
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Revenue growth
Median
15.7%
2025E
16.0%
2026E
EBITDA margin
Median
28.2%
2025E
28.6%
2026E
Cash EBITDA margin
Median
27.6%
2025E
28.0%
2026E
EV/Revenue
Median
8.4x
2025E
6.8x
2026E
EV/EBITDA
Median
28.9x
2025E
24.4x
2026E
EV/Cash EBITDA
Median
29.0x
2025E
25.5x
2026E
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